"The Tokenized Stock Revolution: A Comprehensive Report on Market Dynamics, Product Architecture, and Regulatory Moats" (Author: Foresight Ventures) The market has effectively formed a duopoly, with Ondo leading at 53% market share through liquidity engineering, and Backed/xStocks at 23% market share through regulatory arbitrage; technology is no longer a moat—regulation is. Building a cross-border licensing system across the United States, European Union, and offshore jurisdictions represents the most difficult-to-replicate competitive barrier at present; tokenization is not merely an optimization, but rather a bypass of traditional securities business administrative bottlenecks through the provision of global, around-the-clock liquidity layers. Platforms capable of achieving instant settlement and cross-border distribution will hold pricing power. Read the full report: